A year after launch, Bank of America's digital financial planning tool, Life Plan, has attracted more than five million users.
Available through the BofA app and website, Life Plan lets customers select and prioritise their most important goals at every life stage and across multiple areas, including finances, family, health, home, work, leisure and giving.
Launched last October, it now has more than five million users, who have collectively increased their account balances by $34 billion.
The top five goals being set by Life Plan users include: Budget and Start Saving (35%), Improve Credit (27%), Save for a Large Purchase (22%), Buy a Home (21%), and Save for Retirement (18%).
Millennials and Gen Z make up 62% of Life Plans created, with Gen X and Baby Boomers making up 35% and students 20%. The service is available in Spanish and has been used by 23% of the bank's digitally active Spanish speaking customers.
Early next year, BofA will further integrate the tool with its AI-driven virtual assistant Erica, giving customers proactive insights and steps they can take to help them make progress toward their goals.
“Life Plan’s ability to help clients set and pursue their unique financial goals shows how personalised planning and timely, relevant insights can drive engagement and positively influence the way people manage their financial lives,” says David Tyrie, chief digital officer and head, global marketing, BofA.